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ARTICLE · 02 JUNE 2022

OSFI's Draft Guideline On Climate Risk Management Imposes New Disclosure Obligations On FRFIs

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On May 26, 2022, the Office of the Superintendent of Financial Institutions ("OSFI") released draft guideline B-15 (the "Guideline"), setting out expectations for Federally Regulated Financial Institutions' ("FRFIs")...

CanadaFinance and Banking
Darcy Ammerman
Darcy Ammerman
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On May 26, 2022, the Office of the Superintendent of Financial Institutions ("OSFI") released draft guideline B-15 (the "Guideline"), setting out expectations for Federally Regulated Financial Institutions' ("FRFIs") management of financial risks associated with climate change.1 The Guideline is aimed at ensuring a healthy and stable financial system in Canada by preparing FRFIs to face the increasingly severe impact of climate change. The Guideline outlines OSFI's expectations regarding governance and risk management, introduces expectations regarding climate scenario analysis, capital and liquidity adequacy and introduces climate-related financial disclosure obligations.

Expectations regarding Governance:

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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